Barnwell Inds Stock Price, News & Analysis

Barnwell Industries, Inc. (BRN) reported net earnings of $2,531,000 ($0.25/share) for Q3 2022, down from $4,978,000 ($0.59/share) in Q3 2021. For the nine-month period, earnings reached $5,656,000 ($0.59/share), compared to $4,706,000 ($0.57/share) in 2021. Oil and natural gas revenues more than doubled due to price increases of 71% for oil and 137% for natural gas in Q3. However, the land investment segment faced declines with no lots sold in Phase II. Operating profits in the land segment decreased by $443,000.

Barnwell Industries (NYSE American: BRN) has announced significant changes to its Board of Directors aimed at enhancing decision-making effectiveness. Director Kenneth S. Grossman has been removed from the Audit, Compensation, and Nominating Committees and his role as Vice-Chairman has been eliminated due to his disruptive behavior. Francis J. Kelly has succeeded him as chairman of the Nominating Committee. The Board is evaluating further changes to improve its operation. Forward-looking statements are included, emphasizing uncertainties that could impact future performance.

Barnwell Industries, Inc. (NYSE American: BRN) reported a net profit of $2,052,000 ($0.21 per share) for the three months ended March 31, 2022, a significant improvement from a net loss of $856,000 ($0.10 per share) in the same period last year. For the six months, net earnings increased to $3,125,000 ($0.33 per share) from a loss of $272,000. This growth was driven by more than doubled oil and natural gas revenues along with land segment revenues, with oil prices up 75%. The company maintained strong liquidity with $11,026,000 in working capital, including $9,626,000 in cash.

Barnwell Industries, Inc. (NYSE American: BRN) has appointed Mr. Francis J. Kelly to its Board of Directors, effective March 10, 2022. Mr. Kelly, an independent director, brings over 30 years of experience in investment banking, public policy, and corporate governance. As the Managing Partner of Fulcrum Macro Advisors LLC, he provides insights on market dynamics. His previous roles include a position at Deutsche Bank and as a senior advisor at the SEC. The board welcomes his strategic expertise, which is expected to enhance shareholder value.

Barnwell Industries (NYSE: BRN) has announced the resignation of Mr. Colin R. O’Farrell from its Board of Directors, effective immediately, to pursue other opportunities. The Chairman of the Board, Mr. Peter J. O’Malley, expressed gratitude for O’Farrell's contributions, particularly in stabilizing Canadian operations and assisting the Oklahoma multi-well program. O’Farrell acknowledged the privilege of serving during a crucial time and expressed confidence in the company's ongoing transformation plan.

Barnwell Industries, Inc. (NYSE American: BRN) reported net earnings of $1,073,000, or $0.11 per share, for Q1 2022, up from $584,000, or $0.07 per share, in Q1 2021. Revenues surged to $5,454,000, a significant increase from $4,387,000 year-over-year. The company noted a remarkable rise in oil prices, with oil and natural gas revenues more than doubling. Additionally, new production from Oklahoma accounted for 15% of total oil production. The company holds $10,676,000 in working capital and recently acquired additional interests in oil properties.

Barnwell Industries (BRN) reported a substantial turnaround in its financial results for the fiscal year 2021, achieving net earnings of $6.25 million compared to a net loss of $4.75 million in 2020. Earnings per share rose to $0.73, up from a loss of $0.57. In Q4, net earnings reached $1.55 million ($0.16 per share), aided by the sale of assets totaling $2.39 million. Cash reserves also improved, totaling $12.86 million as of November 30, 2021. The company has reestablished compliance with NYSE-American listing standards.

Barnwell Industries (NYSE American: BRN) reported significant financial improvements for the three and nine months ended June 30, 2021. Q3 revenue climbed 28% to $5.1 million, and net earnings surged to $5.0 million, reversing a loss of $3.5 million from the previous year. Net earnings per share stood at $0.59 compared to a loss of $0.42. For the nine-month period, net earnings were $4.7 million, compared to a loss of $5.4 million. The company has regained compliance with NYSE standards and has improved oil and gas operating results significantly.

Barnwell Industries, Inc. (NYSE American: BRN) announced the successful sale of its Canadian subsidiary's oil and natural gas interests for approximately US$1,037,000. This transaction reflects the company's strategy to divest non-core assets, with the sale completed on July 8, 2021. Management intends to reinvest the proceeds in future oil and gas opportunities, noting that 50% of the funds will be held in escrow for tax clearance. A gain from this transaction is expected to be recorded in Q4 of the fiscal year ending September 30, 2021.